The volt/VAr management market is projected to grow from an estimated
USD 398.9 million in 2017 to USD 527.1 million by 2022, at a CAGR of
5.73%, from 2017 to 2022.

The need to reduce distribution losses and operational costs and
optimize power factor, the increasing complexity of distributed energy
generation, and rising demand for electricity are driving the market
across the world. High initial costs for the deployment of volt/VAr
management is a restraint for the market.

The distribution segment is expected to dominate the volt/VAr management
market during the forecast period. The rise in the deployment of smart
grids and a need to reduce power outages and faults in distribution
feeders are the major drivers of the distribution segment of the
volt/VAr management market. North America is expected to be the largest
and the fastest-growing distribution volt/VAr management market.

North America is the largest market for volt/VAr management, followed by
Europe. Reducing power losses would lead to an increase in investments
in volt/VAr management. This would also boost the demand for volt/VAr
management in North America. The US and Canada are expected to grow at a
fast pace during the forecast period.